and recovery in the united states of america. and now, in terms of directions as i said, we are also seeing some effects on a global basis. slow down in emerging markets. that is a recent development. great concern in low income countries about rising food prices and volatile commodity prices. and finally, growing frustrations in the middle east. at the same time, many of the big legacies from the crisis risk becoming more entrenched. now what am i thinking about that could be entrenched? clearly, unemployment and a massive human cost of people being away from the job market for so long that their skills, their training, their background was forgotten and that is particularly true as the young people in those countries where growth is too slow, too low to accommodate joining the job market. i'm also thinking about the lasting burden of high public debt, now what levels rarely seen except in terms of war. for many economies in the present circumstance is, it will take years of fiscal adjustments to get back to precrisis levels. an